COMMODITIES-Global demand woes hit oil; corn down after new peak

* Oil slips for the session after IEA outlook; up for week
* Corn sets record high on USDA data, before profit-taking
* Copper weighed down by slowing Chinese economic growth

By Barani Krishnan
NEW YORK, Aug 10 (Reuters) - Oil prices fell on Friday
following bearish Chinese economic data and a weak global
outlook for energy, while profit taking pushed corn lower after
it earlier set record highs in reaction to the U.S. government
cutting anticipated yields.
Copper closed lower too as China's weak trade figures and a
nine-month low in crude oil imports reinforced the picture of a
slowing economy, after Thursday's data showing factory output in
July at its slowest in more than three years.

The Thomson Reuters-Jefferies CRB index settled down
1 percent on the day, reflecting the broad decline across the 19
commodity markets it tracks. For the week, however, the
commodities bellwether was up 0.3 percent, after gains in four
previous sessions.
Oil prices slid after the International Energy Agency cut
its global oil demand forecasts for several years. It 2013
demand forecast was trimmed by 400,000 barrels per day (bpd) in
the light of a "worrying slowdown" in global economic activity.

China's lagging oil imports and other weak economic data
also weighed on energy markets.
Benchmark Brent crude oil in London closed down 27
cents, or nearly a quarter percent, at $112.95 a barrel,
recovering from early selling that took it to a low of $111.31.
Brent prices hit 12-week highs earlier this week, reacting
to maintenance work in the North Sea -- where the crude grade is
produced. Potential threats to supply from violence and tensions
in the Middle East also supported prices. Brent closed the week
up 4 percent.
U.S. crude's front-month contract ended down 49
cents, or almost half a percent, at $92.87 a barrel. For the
week, it rose 1.6 percent.

CORN CROP DOWNSIZED
In grains, the U.S. Department of Agriculture slashed the
crop size for U.S. corn in its latest supply-demand report,
sending corn futures to an all-time high before they turned
lower.
Chicago-traded corn futures for December settled down
14-1/2 cents, or 1.8 percent, at $8.09-1/4 a bushel, after a
record high at $8.49.
The USDA, in its first survey-based report detailing damage
from the worst U.S. drought in 56 years, cut U.S. corn
production by 17 percent.
It also trimmed feed demand for the grain, a move that could
mean high prices are beginning to slow purchases. Corn prices
are up about 15 percent for the second quarter so far.
USDA cut corn usage by domestic livestock feeders, ethanol
sectors and for export by a combined 1.4 billion bushels. It
also cut corn imports by China from all global sources by 60
percent to 2 million tonnes.
Soybeans closed up, with Chicago's most-active November
contract rising 12-1/2 cents, or 0.8 percent, to
$16.43-3/4 a bushel, after the USDA raised yield estimates for
the oilseed by more than expected. Demand for soy has remained
strong despite prices soaring 30 percent since end-May.

Front-month wheat for September tumbled 27-3/4 cents,
or 3 percent, to $8.85-1/4 a bushel as the USDA raised its
estimates for production and ending stocks while keeping exports
unchanged. Wheat prices are up 34 percent since end-May.

Prices at 4:00 p.m. EDT (2000 GMT)
LAST/ NET PCT YTD
CLOSE CHG CHG CHG
US crude 93.37 0.01 0.0% -5.5%
Brent crude 113.42 0.20 0.2% 5.7%
Natural gas 2.770 -0.175 -5.9% -7.3%

US gold 1622.80 2.60 0.2% 3.6%
Gold 1620.10 3.01 0.2% 3.6%
US Copper 339.25 -3.25 -0.9% -1.3%

Dollar 82.535 -0.103 -0.1% 2.9%
CRB 301.810 -3.000 -1.0% -1.1%

US corn 812.00 -11.75 -1.4% 25.6%
US soybeans 1643.75 12.50 0.8% 37.2%
US wheat 910.75 -19.25 -2.1% 39.5%

US Coffee 166.25 -0.20 -0.1% -27.1%
US Cocoa 2446.00 -17.00 -0.7% 16.0%
US Sugar 20.90 -0.09 -0.4% -10.0%

US silver 28.062 -0.035 -0.1% 0.5%
US platinum 1398.80 -12.90 -0.9% -0.4%
US palladium 582.20 -4.50 -0.8% -11.3%

(Editing by Bob Burgdorfer)